GrainCorp is spending $70 million on new bulk liquid storage facilities at Port Kembla in NSW, Pinkenba at the Port of Brisbane, and Fremantle.

GrainCorp will discuss its diversification plans at its Annual General Meeting in Sydney today.

The Australian grain handler has yet to decide where to cut up-country grain storage, a move flagged after the foreign takeover by ADM for $3.4billion was rejected by the Federal Government in November 2013.

The new storage tanks will store petroleum, edible oils and fertiliser.

Angus Trigg from GrainCorp says up to 30 jobs will be created in the construction phase at Port Kembla, which has already begun.

"We're investing $20 million and that involves building, in the first instance, ten tanks which each hold 1,250 cubic metres of bulk liquid.

"The good news about those ten tanks is that we're using Australian steel, all-Australian steel from BlueScope, to manufacture them so that's some further good news for the local economy."

GrainCorp executive chairman Don Taylor says the investment is part of the company's expansion to increase earnings by $110 million a year.

"We don't (yet) have a bulk liquid storage at Port Kembla and obviously there are a lot of oilseed growers in south-east NSW, so this allows an opportunity to grow, to meet the demand in South East Asia" Mr Trigg said.

Earlier this year, GrainCorp announced a $125 million expansion of oilseed crushing and food manufacturing in Victoria, while shutting the food operations in Murarrie, Queensland.